J. Salerno & Jordan A. Kroop , Squire Sanders &
Dempsey LLP, Phoenix
Hon. Redfield T. Baum ,
U.S.B.C.-District of Arizona
Only eight professional sports teams have sought
bankruptcy protection since the U.S. Bankruptcy Code was enacted in 1978. Unlike sport team insolvencies...
by Thomas J. Salerno , Jordan A. Kroop and Hon. Redfield T. Baum
Like any operating business in
chapter 11, sports teams need working capital to maintain business as usual
during the course of a chapter 11 case. Outside of a sports context, a debtor
in possession typically obtains working...
Excerpt from 2011 Emerging Issues 6099
The filing of a chapter 11 bankruptcy petition automatically stays "the commencement or continuation, including the issuance or employment of process, of a judicial, administrative, or other action or proceeding against the debtor that was or could have...
Eastman Kodak filed for Chapter 11 bankruptcy protection Thursday morning in
the Southern District of New York. The company intends to continue business operations
during the restructuring, and the company has secured $950 million in financing
from Citigroup. Kodak has also hired...
Eastman Kodak Company's bankruptcy is another in a string
of recent chapter 11 filings by established brand names that lack a clear exit
strategy (others are Borders ,
... Europe !).
So much for the " end
of bankruptcy "!
As noted in Matt Daneman's article...
by Kenric D. Kattner and Arthur T. Carter
Certain types of employee
related claims are accorded priority treatment under the Bankruptcy Code.
Generally, unsecured claims against a debtor are only entitled to priority
treatment if: (a) the Bankruptcy Code explicitly grants priority treatment...
WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court
today heard oral arguments in a dispute between a Chapter 11 debtor company and
a creditor bank as to whether a secured creditor is permitted to credit-bid
while the debtor company's collateral is being sold as part of the
Chicago bankruptcy professionals descended on the
US Supreme Court to catch the final chapter in the RadLAX bankruptcy saga,
one that had a remarkably swift journey to the highest court of the
land. The case started as the neglected stepchild of Amalgamated
Bank, the trustee of the deeply undersecured...
As I noted three years ago in my " What's
Bothering Ruthie ? " post on Justice Ginsburg's one-liner that
stopped the Chrysler sale dead in its tracks, today's Supreme Court oral
argument in RadLAX Gateway Hotel, LLC v. Amalgamated Bank ( transcript )
left no doubt about what's...
Supreme Court heard arguments yesterday in RadLAX Gateway Hotel over
whether the Bankruptcy Code permits a debtor in a chapter 11 case to sell
encumbered assets without providing its secured lenders an opportunity to
credit bid their debt.
previously described on this site , a circuit...
WASHINGTON, D.C. - (Mealey's) The U.S.
Supreme Court on Apr. 30 denied certiorari to a class of shareholders in
bankrupt Idearc Inc. who had objected to the confirmation of Idearc's Chapter
11 reorganization plan on grounds that its approval violated due
process ( Spencer Ad Hoc Equity Committee...
WASHINGTON, D.C. - The U.S.Supreme Court today affirmed
that a debtor company may not obtain confirmation of a nonconsensual Chapter 11
plan that permits the debtor to sell collateral free and clear of a creditor
bank's lien without permitting the bank to credit-bid at the sale ( RadLAX
LexisNexis Core Overview: Sales free of liens under 11 U.S.C.S. § 1129(b)(2)(A) [ an annotated version of this statute is available to lexis.com
subscribers ] had to satisfy § 1129(b)(2)(A)(ii)'s requirements, not those
of both § 1129(b)(2)(A)(ii) and (iii), thus, the debtors could...
The chapter 11 case of mortgage lender and servicer Residential Capital, LLC ("ResCap") is fascinating on a number of levels. Its parent company, Ally Financial, Inc. ("AFI"), hopes to use ResCap's bankruptcy to extricate itself from potential liabilities arising from the collapse...
On this edition, Ancela Nastasi of Fulbright & Jaworski and Kenneth Klee of Klee, Tuchin, Bogdanoff & Stern discuss the May 29, 2012 U.S. Supreme Court decision in RadLAX Gateway Hotel LLC v. Amalgamated Bank in which the court held that a secured creditor has a right to credit bid its secured...
YORK - (Mealey's) Twinkie maker Hostess
Brands Inc., which had been proceeding with a bankruptcy reorganization plan, moved
in the U.S. Bankruptcy Court for the Southern District of New York on Nov. 16
for authorization to convert its proceeding to Chapter 7, which would result in